According to a report available on Radiant Insights, Inc.; the global spinal implant and devices market is likely to grow significantly by 2025. High prevalence of degenerative spine disorders and growing geriatric population are anticipated to propel the global market over the forecast period (2018 to 2025). Demand for minimally invasive procedures and advancements in medical technology can further boost market in near future.
High prevalence of spine injuries is likely to propel the market in the forthcoming years. Degeneration of spine and rising spinal disorders are generally associated with aging. Spinal stenosis is quite common in men and women over fifty years of age. Open spinal surgeries may lead to retraction of muscles and hurt soft tissues that may cause post-operative back pain. Hence, there is a rise in preference for minimally invasive spine surgery. These procedures create a small incision in the back. This reduces blood loss, pain, muscle damage, and risk of infections. They have shorter recovery time and significantly reduce hospital stay of patients. This factor is expected to drive market growth.
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Rising preference for spinal non-fusion surgeries over fusion surgeries is considered as one of the emerging trends likely to spur market expansion in near future. These procedures help maintain mobility and stability of spine. High demand for these surgeries has resulted in development of associated devices in several areas such as dynamic stabilization, disc replacement, and others. This factor is anticipated to positively influence market growth over the forecast period. However, unfavorable reimbursement policies and strict regulatory approval procedures may hinder market growth to an extent.
The worldwide spinal implants and devices market can be segmented on the basis of product, application, and region. Based on product, the market can be divided into spinal biologics, spinal fusion devices, non-fusion devices, vertebral compression fracture treatment devices, and spinal bone growth stimulators. As per application, the market can be split into open spine and minimally invasive spine surgery. Geographically, the market can be divided into North America, Europe, China, Southeast Asia, Japan, and India.
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North America has been dominating the global market followed by Europe. Factors such as increasing elderly population, rising cases of spinal cord injuries, and availability of well-established healthcare facilities are boosting regional market growth. In addition, rising efforts form various governmental and non-governmental organizations to spread awareness and provide education to healthcare specialist can further impel market expansion. U.S is expected to be the top market in this region.
Asia Pacific is expected to be the fastest growing market for spinal implants and devices in near future. This growth can be attributed to rapid development in healthcare infrastructure, growing healthcare expenditure, and high prevalence of spinal cord injuries.
Prominent players operating in the spinal implants and devices market include Zimmer Biomet Holdings, LDR Holding Corporations, DePuy Synthes, Orthofix Internation, and NuVasive. The market looks very competitive due to presence of local and regional players. Market competition is likely to grow with new entrants. Major market participants are outsourcing manufacturing of implants to save time and cut production cost to sustain the competition.
For instance, Medtronic plc recently announced the launch of a titanium 3D printed platform called TiONIC Technology. It offers integrated surface technologies and more complex designs for spine surgery implants. The technology makes use of differentiated laser method to create better surface textures to increase osteoconductivity and to provide better bone response.
In another recent development, Globus Medical, Inc., a musculoskeletal solutions company introduced CREO Fenestrated Screw System. This system can be used in treatment of patients suffering from thoracolumbar spine. The product is intended to restore structural integrity of spine at vertebral levels. It can be suitable for structural issues caused due to metastatic bone disease. The system can be available in non-threaded, threaded, and MIS screw head options.
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